Canada's construction news
The Chicago Loop continues a transformation from a storied, yet near empty, downtown to one filling with people again.
These are impressive buildings, 100-year statuesque edifices which hosted some of the largest titans of commerce in the Windy City’s financial district. “These four buildings are sure to become our poster children, if you will, for the Loop’s rebirth as a mixed-use neighborhood and we are thrilled with each team,” city planning commissioner Ciere Boatright said.
111 W. Monroe is the most expensive conversion creating 345 rentals, of which 105 will be affordable. The $202-million project is being undertaken by Prime Group Inc. and Capri Investor LLC, getting $40 million from tax increment financing and other tax inducements. Prime is also working on a conversion of the city’s Thompson Center for Google’s new Chicago HQ.
79 W. Monroe, the smallest of the structures, will see almost the entire building converted by the Campari Group to 117 units, 41 affordable with $28 million in TIF going towards the $64 million project. Those have principally been hotel conversions such as the JW Marriott Hotel in an historic landmark, and the world’s largest Residence Inn also on LaSalle Street.If it’s a building with a big floorplate with a limited window line then it’s probably not very well suited,” he said.
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